[Awan Hammad]

Hi Phuong

My view is if asset value is now less than 5% of market value of Fund’s assets it will not be in breach of the in-house asset rules.

It is also arguably no longer a material investment from an audit perspective so arguably no longer needs to be reviewed re compliance with SIS Regulations 13.22C & D.

If the issues raised by yourself have not been rectified I would consider doing an auditor contravention report and explaining what has happened and how the investment is now less than 5% of the Fund’s assets.

Thanks

THE AUDITORS INSTITUTE